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Brazil: Declaration of Brazilian Capital Located Overseas - CBE

20 March 2017

Tauil & Chequer Legal Update

According to Resolution No. 3.854 published by the Brazilian National Monetary Council in 2010, individuals and legal entities resident, domiciled or headquartered in Brazil who possess an amount equal to or greater than US$ 100,000.00 (one hundred thousand US dollars), or its equivalent in other currencies, in assets and rights located overseas, are obliged to present a return statement to the Brazilian Central Bank named “Declaração de Capitais Brasileiros no Exterior (CBE)”.

In accordance with Circular No. 3.624/2013 of the Brazilian Central Bank, the return related to the December 31, 2016 cut-off date must be submitted by 6:00 pm on April 5, 2017.

If the assets and rights located overseas are equal to or greater than US$ 100,000,000.00 (one hundred million US dollars), or its equivalent in other currencies, the return must also be filed quarterly during 2017.

The fines for failure to comply with these rules range from 1% to 10% of the amount subject to the return, or from R$ 25,000.00 (twenty-five thousand reais) to R$ 250,000.00 (two hundred fifty thousand reais), whichever is the lowest.

Observations in this update about Brazilian law are by Tauil & Chequer Advogados. They are not intended to provide legal advice to any entity; any entity considering the possibility of a transaction must seek advice tailored to its particular circumstances.

Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the “Mayer Brown Practices”). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe-Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown Mexico, S.C., a sociedad civil formed under the laws of the State of Durango, Mexico; Mayer Brown JSM, a Hong Kong partnership and its associated legal practices in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. Mayer Brown Consulting (Singapore) Pte. Ltd and its subsidiary, which are affiliated with Mayer Brown, provide customs and trade advisory and consultancy services, not legal services.

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